Japanese yen falls to more than 30-year low against dollar

Oct. 20 (UPI) -- The Japanese yen on Thursday weakened to its lowest point since August 1990 against the U.S. dollar to 150, sparking lawmakers to call for fiscal action.

The Bank of Japan said it would start buying bonds on an emergency basis on Thursday. The bank offered to buy $666.98 million in government bonds with maturities of 10-20 years and another tranche worth $670 million yen with maturities of 5-10 years.

Japanese Finance Minister Shunichi Suzuki promised continued intervention to stabilize the yen. He said they are monitoring developments in the foreign exchange markets "with a high sense of vigilance."

"We are focused on volatility, and there is no change at all in our stance that we will take decisive steps when we see such movements," Suzuki said, according to Kyodo News. "I don't comment on specific currency levels."

Officials said the yen's decline reflected the widening interest rate gap between Japan and the United States. The Federal Reserve has been raising its rates since the Spring while the Bank of Japan has stood firm against increases.